07/12/2016
Living abroad is the adventure of a lifetime. It enriches our lives and expands our horizons in ways we couldn’t previously have imagined. Read on for a run-down of our top five joys of being an expat. 1 – Experiencing another culture We grow up seeing the world through the lens of our country’s culture […]
07/05/2016
FBAR is an acronym for Foreign Bank Account Report. Every American who has a minimum of $10,000 in total in their overseas bank and other financial accounts at any time during a tax year has to file an FBAR, whether they live in the States, or abroad. A little history The Bank Secrecy Act was […]
06/21/2016
All US taxpayers living overseas have to file a federal income tax return each year if they earn over $10,000, or just $400 of self-employment income, regardless of where they live or where their income is generated. They may also have to pay US income tax on their foreign earned income, depending on their circumstances. […]
06/07/2016
Approximately three quarters of the estimated seven to nine million Americans living abroad aren’t currently filing a federal tax return. Seeing as all American citizens and green card holders who earn over $10,000 (or just $400 of they’re self-employed) are required by law to file a federal return declaring their worldwide income, no matter where […]
05/31/2016
Most US expats are aware that the IRS is interested in Americans living abroad, and many have heard whispers about FATCA and FBAR, however millions are still unsure about their legal obligations. Worse still, rather like the person at the end in a game of Chinese whispers, many have heard incorrect information via word of […]
05/24/2016
With the election now less than six months away, the shortlist for the 45th President is down to just three – Bernie Sanders, Hilary Clinton, and Donald Trump. Most people agree that it’s an unusual field, to say the least. It’s been said that that the number of Americans living abroad (estimates range from seven […]
05/17/2016
Tax is a topic that American expats would be naive to ignore. The IRS, considering expats something of a rich seam to be tapped, is ever more enthusiastic and efficient at tracking their foreign financial affairs so as to check them against their tax returns, and with penalties for not filing harsh, it makes sense […]
05/03/2016
(The following article was first published over at iexpats.com). A judge has thrown out a case from a US senator leading a campaign against the controversial Foreign Account Tax Compliance Act (FATCA). Senator Rand Paul and several other campaigners filed suits against government departments in a bid to derail the law that demands foreign banks […]
04/26/2016
Our Bright!Tax IRS Insights series lifts up the hood to reveal the inner workings of the IRS engine. Today we’ll be looking at the best strategies for responding to an IRS audit letter. As described in our previous IRS Insights article, the IRS can access a vast amount of information about US taxpayers living abroad, […]
04/12/2016
Our new Bright!Tax IRS Insights series allows you to look deep into the workings of the IRS machine. Today we’ll be looking at how the IRS decides which Americans living abroad to audit. The IRS aims to ensure that all revenue due is collected, and the fuel that enables it to do this is big-data. […]